British hotels bring BIL down

Singapore-based BIL International reported a 67.6 per cent fall in operating profit after tax to US$12.6 million for the year to June 30, from US$38.9 million the year before. The former Brierley Investments continues to be dogged by its Thistle Hotel group, which manages 28 UK hotels.

Total operating revenue rose 27 per cent to US$422.6 million. Earnings per share fell to US0.9c from US2.9c. No dividend was declared. The strength of the pound contributed to the improved revenue. Revenue in the property development segment remained steady.

Last year's results include a "one-off" gain of US$14.5 million from the sale of shares in Guoco Group. The company said the result also included the reversal of $11.2 million deferred tax provision.

BIL shares closed down 1c on the NZX at $1.30 yesterday.

- NZPA